Current PVAC Stock Info

Recent completion successes and an enhanced borrowing base of $200 million sets the stage for Penn Virginia Corporation’s (ticker: PVAC) path to growth.

Completions and other operations

Penn Virginia announced in on June 28th, 2017 the success of two wells producing from its Zebra pad out of the Eagle Ford formation in Gonzalez County, Texas. The two recently completed wells exhibited a 24-hour initial production of 1,269 BOEPD and 1,785 BOEPD, respectively.

Another of the company’s wells in Gonzalez County produced a 24-hour initial production of 2,511 BOEPD, and then a 30-day initial production of 1,899 BOEPD. The well—named the Lager 3H well—performed so well that Penn Virginia intends to drill more wells in the same producing area.

Penn Virginia attributed the success of the Lager 3H well to the utilization of its slickwater completion design. For the Lager 3H well, the company placed 40 frac-stages across an 8,000 foot lateral distance, and averaged 2,450 pounds of proppant per foot of lateral.

In continuing its operations in the Eagle Ford shale, Penn Virginia is continuing development on its eight-well pad, which is actually comprised of two conjoined pads, the Chicken Hawk and the Jake Berger pads. The company currently has plans to undergo fracturing treatments on all of the wells within the eight-well pad in Q3, 2017.

Strong Eagle Ford Wells Point to Hot Spot, Growth for Penn Virginia

Source: Penn Virginia Corporation

Q1 recap

During its first quarter, Penn Virginia achieved an average of 9,495 BOEPD composed of 71% crude oil. This production level exceeded the top end of the company’s Q1, 2017 guidance—which predicted production between 8,800 and 9,200 BOEPD.

The company holds approximately 56,000 net acres in Gonzalez and Lavaca Counties, out of which it operates 311 gross Eagle Ford wells. Penn Virginia predicts that it has an inventory of approximately 525 gross drilling locations.

The company also holds approximately 7,150 net acres producing out of the Granite Wash formation in Oklahoma. Out of this asset, Penn Virginia produced an average of 934 BOEPD during Q1.

Penn Virginia Corporation is presenting at EnerCom’s The Oil & Gas Conference® 22

Penn Virginia will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.

The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors.  The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.

Strong Eagle Ford Wells Point to Hot Spot, Growth for Penn Virginia

Source: Penn Virginia Corporation

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